Posted by John Merchant on November 19, 2009 at 11:12:33:
In Reply to: Utah: Can 2nd TD PML go 4 assets - 4closure of 1st posted by Abdenour Achab on November 18, 2009 at 21:06:44:
Don't know much (if any ;)UT law but generally, in any DOT non-judicial foreclosure state a foreclosure of the 1st eliminates all subordinate mtgs & DOTs.
Unless YOU have made a deal to take over and pay the 1st DOT holder, it's likely all you'll have left is your note which you can then sue on.
You might want to make contact with the 1st note & DOT holder today and see if you could make a deal with them to work out their debt and not lose your position.
Frequently the borrower/debtor on the 1st and 2d will file a last-minute BK action, either a Ch 7 or Ch 13 and that will "stay" the foreclosure and your debtor here might do that today. A call to the 1st note holder tomorrow am early would let you find out if a BK has been filed.
- Re: 2d DOT will be gone, but note survives. Abdenour Achab 21:57:16 12/09/09 (0)